Oil Futures Rally 12.3% For The Day, But Still Fall For The Week

By Markets MarketWatch Pulse

Oil futures rallied Friday, buoyed in part by comments from the United Arab Emirates' energy minister who said that the Organization of the Petroleum Exporting Countries is willing to cooperate on possible production cuts. Prices, however, still posted a loss for the week on the back of the ongoing global crude surplus. March West Texas Intermediate crude jumped $3.23, or 12.3%, to $29.44 a barrel on the New York Mercantile Exchange. That was the largest one-day percentage gain since January 2009, according to FactSet data.

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